Tax Impilcations - Housing Property

[ttrajan]

If we sell our housing property in India and bring back money to Canada. What are the Tax implications in India and Canada?

 

[Amadan123]

Hello,

With regards to the tax implications in India, you should speak to an accountant who has expertise in Indian taxation and/or the Indian tax authorities/literature.

With regards to Canadian tax implications, you may or may not have to report and pay tax on the sale of your home. This will depend on whether or not you are a resident of Canada for tax purposes. If you are a resident, then your worldwide income is taxed in Canada.

For more information on being a resident of Canada for tax purposes, please peruse: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.html

For more information on principal residences (homes, etc.) and Canadian tax implications on sales of such properties: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f3/s1-f3-c2-eng.html

The above is just a generic guide. You should speak to the CRA at 1-800-959-8281 for more detailed guidance.

Madan Chartered Accountant team
www.madanca.com

 

[ttrajan]

Thanks for your reply.

 

[Amadan123]

You're quite welcome! Please do let us know what you find out. There may be tons of others who are in a similar situation just like you.

Madan Chartered Accountant team
www.madanca.com